November 18, 2018, 6:26

Secret Offline Bitcoin Vault Found in Swiss Mountains

Secret Offline Bitcoin Vault Found in Swiss Mountains

The Bitcoin cryptocurrency saw a sharp rise in both price and interest from investors in the beginning of 2017, with its value soaring to above $25,000 per coin. 2018 was not as good of a year, with the cryptocurrency losing over 50% of its value in January.

Bloomberg reported, citing unnamed sources, that a secret Bitcoin vault is located in a former military base in the Swiss mountains. The cryptocurrency’s stockpiles are reportedly preserved in offline mode on the servers of the company Haro and it’s currently worth some 10 billion dollars which, according to Bloomberg, is almost 98% of some 5,670 US banks’ capital.

Haro provides a theft-proof system for storing its clients’ Bitcoins, but it takes 2 days in order to withdraw your savings from this vault, which is a significant amount of time for markets. During this period the company checks the client’s credentials, the legitimacy of the transfer request and then manually signs private transaction keys. However, it is currently one of the safest methods for storing cryptocurrencies.


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